CBUAE & Dubai Islamic Economy Development Centre join forces to strengthen Islamic banking sector

In addition to the cooperation in Islamic banking, CBUAE and DIEDC will work together to publish joint research and exchange knowledge to enhance expertise


Abu Dhabi/ Dubai: The Central Bank of the UAE (CBUAE) today signed a memorandum of understanding (MoU) with the Dubai Islamic Economy Development Centre (DIEDC) to reinforce and expand the reach of the Islamic banking sector, and to advance cooperation in areas of mutual interest.

H.E. Saif Hadef Al Shamsi, Deputy Governor of the Central Bank of the UAE, and Abdulla Mohammed Al Awar, CEO of DIEDC, signed the agreement.

In addition to the cooperation in Islamic banking, CBUAE and DIEDC will work together to publish joint research and exchange knowledge to enhance expertise. Furthermore, the two entities will jointly host international seminars, conferences and meetings, develop awareness projects, build technical capabilities and cooperate in fields that support the development of Islamic finance.

As a first order of business, CBUAE and DIEDC will establish a joint team to follow up on the implementation of the MoU. The team is tasked with preparing regular update reports that will be shared with key decision makers across each entity.

Speaking on the new partnership with DIEDC, H.E. Saif Al ShamsiDeputy Governor of the Central Bank of the UAE, said: “The MoU reflects the Central Bank of the UAE’s commitment to strengthen strategic ties with various entities in the banking and financial sector, and unify efforts to ensure that plans and initiatives are aligned with the future directions of the country and to achieve the common goals.”

H.E. Al Shamsi also highlighted that the UAE has become world’s leading hub for finance and business and it is an important centre for Islamic finance. Through the MoU, the Central Bank and the Dubai Islamic Economy Development Centre endeavour to accelerate growth opportunities and the development of the banking and financial Islamic sector, in addition to attracting and preparing competencies through coordination in proposing and organising programs that will contribute in achieving the best outcomes to promote Islamic banking and finance in the UAE.

For his part, Abdulla Al Awar CEO of Dubai Islamic Economy Development Centre, said: “Our latest agreement with the Central Bank of the UAE to enhance strategic cooperation in Islamic banking is part of our sustained efforts to expand the Centre’s strong base of strategic partners in all sectors of the Islamic economy and will contribute significantly to implementing our operating plans to boost Dubai’s credentials as a global capital of Islamic economy.” 

He added: “As a pivotal sector of the Islamic economy, DIEDC prioritises the advancement of Islamic banking. We have made considerable headway in developing a global charter in collaboration with our strategic partners that serves to expand the scope and uptake of the Islamic finance sector and the wider Islamic economy. The charter is a first step in building a robust and globally unified legislative framework for Islamic finance transactions that will undoubtedly further expand the reach of the Islamic economy.

DIEDC is keen to enhance the available opportunities across Islamic economy sectors, especially in Islamic finance, amidst the growing demand in these sectors locally, regionally and internationally.”

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases